Transaction success rates determine whether or not you are using a reliable payment system for your business. There are different approaches to always improve it. The best option is by analyzing your payment gateway and determine where does the transaction fail.

There are many payment gateways that face this issue frequently, but how can it be reduced? In this article, there will be a few techniques that can boost success rates and strategies that can be practiced by merchants to eliminate payment failures.


1. Tokenization

We know credit card payment is a popular payment method online before internet banking strengthens its position. Tokenization is a process where sensitive information is substituted with a unique token or symbol. The token ensures that the information is not transmitted or stored in an unsecure format. It is almost impossible for cyber-culprits to ever touch the important data when MOLPay tokenization is in action, that could increase up to 94% payment success rate.

2. MOLPay CASH

When there are more choices of payment, more alternatives for users, there are more chances for the transaction to succeed. Apart from online payments, MOLPay also provides cash payment MOLPay CASH. MOLPay CASH enables you to pay with cash for your online transaction at any time at 7-Eleven stores in Malaysia. It is a perfect alternative for online customers without a debit or credit card, Internet banking, and also those who’ve experienced credit card fraud before.

3. MOLPay VT App

In order to add more ways in accepting payment, MOLPay has also created a virtual terminal application which called MOLPay VT which can be used by merchants anywhere they want. It holds the ability of a payment processor, with extra payment choices, for example, credit or debit card payment, online banking, invoicing and Alipay wallet.

Download now: Google Playstore and Apple App Store

Conclusion

In terms of all these approaches, the most needed method is merchants must exhibit the good relationship and image towards their clients. As much as you want to keep them, it’s important to always take a precautionary step before any huge mistakes happen.

To discover how MOLPay can help you expand your payment options and increase sales, schedule a free appointment with our team today.